The importance of fashion has been emphasised again and again in relation to wearable technology.

Many of the smartwatches released to date by the likes of Samsung, Sony and LG are bulky and futuristic in appearance, making them less than appealing to fashion-conscious consumers.

For some analysts, Swatch and Apple would be the dream team for a smartwatch project, but Swatch has always played down its interest in such a relationship.

The company already offers the Tissot T-Touch Expert Solar, which is not a smartwatch in the web-connected sense of the word, but features a touchscreen that allows users to control basic functions and doubles as a charging panel.

Apple, meanwhile, hired the sales director of luxury Swiss watch maker TAG Heuer in July, to help promote its forthcoming iWatch, which is expected to launch next week.

Burberry ex-chief executive Angela Ahrendts and former head of French fashion brand Yves Saint Laurent Paul Deneve have also joined the company over the last year.